Amid controversy surrounding the management of the pension funds, the National Pension Commission (PENCOM) said pension assets rose from N10.22 trillion in 2019 to N18.36 trillion in December 2023.
Data obtained from the commission also indicates that the value of the assets stood at N12.3 trillion in 2020 and N13.43 trillion in 2021. It rose to N15 trillion 2022 and N18.36 trillion in December 2023.
PENCOM Director-General, Aisha Dashir-Umar gave the data while answering a question from journalists at a forum in Abuja. He said that under the current contributory pension scheme (CPS), assets and liabilities remain equal.
Dashir-Umar who was represented at the forum by the PENCOM Director of Corporate Communications, Ibrahim-Garba Buwai said: “Every Kobo in the N18 trillion belongs to the retirement savings account (RSA) holders except for the little allowable charges for the management.”
She further explained that the funds are being invested and the returns are automatically distributed to RSA holders.
“We have the mandate to carry out on behalf of the contributors and retirees to ensure that the funds are safe. The funds are efficiently and effectively managed, and they are available to be paid as retirement benefits to beneficiaries as at when due,” she said.
